Podcast
Questions and Answers
What is the main benefit of specialisation for the Alaskan seafood industry?
What is the main benefit of specialisation for the Alaskan seafood industry?
- Increased productivity and output (correct)
- Increased competition among industries
- Diversification of product offerings
- Higher prices for seafood
What is a potential risk associated with Alaska's reliance on the seafood industry?
What is a potential risk associated with Alaska's reliance on the seafood industry?
- Reduction in the workforce
- Decreased export revenue from minerals
- Overexploitation of ocean resources (correct)
- A decrease in tourism
What was the value of the seafood industry's output in Alaska?
What was the value of the seafood industry's output in Alaska?
- $25 billion
- $12.8 billion (correct)
- $12.8 million
- $2.5 billion
Which country is identified as Alaska's top export market for seafood?
Which country is identified as Alaska's top export market for seafood?
How much does the Alaskan seafood industry contribute to export revenue?
How much does the Alaskan seafood industry contribute to export revenue?
What is described as an external economy of scale in the context of the seafood industry?
What is described as an external economy of scale in the context of the seafood industry?
Which of the following could cause a decrease in demand for Alaskan seafood?
Which of the following could cause a decrease in demand for Alaskan seafood?
What role does the government play regarding revenue generated from the seafood industry?
What role does the government play regarding revenue generated from the seafood industry?
What is one of the concerns mentioned related to public perception of seafood?
What is one of the concerns mentioned related to public perception of seafood?
How many servings of Alaska seafood were processed in 2015?
How many servings of Alaska seafood were processed in 2015?
Flashcards
Specialisation in Alaska
Specialisation in Alaska
Alaska's economy focuses on seafood production, leading to increased productivity and output.
Increased Productivity
Increased Productivity
Focusing on one type of business (specialisation) leads to higher output.
Economies of Scale
Economies of Scale
Large-scale production from focusing on a specific area leads to lower input costs per unit.
External Economy of Scale
External Economy of Scale
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Export revenue
Export revenue
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Over-reliance
Over-reliance
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Trade tariffs
Trade tariffs
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Seafood environmental impact
Seafood environmental impact
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Unemployment risk
Unemployment risk
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Diversification (Alaska)
Diversification (Alaska)
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Study Notes
Specialization in Alaska
- Specialization means concentrating resources in areas of strength, maximizing output.
- Alaskan seafood production exceeds one million tonnes annually.
- Specialization increases productivity and output.
- Specialization leads to economies of scale.
Alaskan Seafood Industry
- Employs more people than any other Alaskan industry.
- Generates $12.8 billion in output, driving economic growth.
- Benefits other companies due to readily available specialist labor.
- Contributes $2.5 billion in export revenue.
- Government reinvestment in infrastructure and facilities supported by tax revenues.
Over-Reliance Risks
- Specialization in one area can lead to economic vulnerability.
- If a critical sector suffers, Alaska and the US could experience problems.
- China's 25% tariff on seafood already hurt exports.
Environmental & Economic Risks
- Environmental concerns could decrease demand for seafood.
- A drop in demand would deeply impact Alaska and US economies.
- Rise in unemployment would negatively affect other businesses.
Seafood Industry Capacity
- Current production (2015) can feed every person on Earth at least one serving.
- Overfishing of oceans could become a problem with finite resources.
Industry Diversification
- Alaska's diverse industrial sector (minerals and ores) is worth $1.795 billion.
- Industry diversity reduces dependence on a single sector.
- Other industries provide support, jobs, and growth.
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